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Corporate Governance

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In brief The UAE has introduced a number of new welcome legislative changes to mark the UAE’s 50th anniversary, with the aim of solidifying the country’s position as a global trade and commercial hub. Among these changes is the issuance of Federal Law by Decree No. 32 of 2021 on Commercial Companies (“New Law”), which has now come into force last 2 January 2022. This alert serves as a reminder to all companies incorporated in…

In brief Earlier last week, Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), issued a decree introducing a number of fundamental changes to the UAE Commercial Companies Law (CCL Amendment) and to the UAE’s approach towards foreign direct investment (FDI) in general. The CCL Amendment adopted a new general rule of, in principle, allowing foreign investors to fully own certain types of companies in the mainland of the UAE. The…

A landmark survey of more than 1500 compliance leaders around the world including 300 in the Middle East and North Africa (MENA)[1] has revealed major risks associated with digitalization, with 41 per cent of those surveyed admitting their organization has already experienced enforcement investigations by regulators because of technology that was poorly on-boarded and/or implemented. According to this new research The Currency of Connection: Mobilizing Technology for Compliance Integration, investigations are most likely to arise…

In brief Following a public consultation period which commenced in December 2019, on 25 August 2020, the Capital Markets Authority (CMA) of Saudi Arabia announced that it had issued amendments to the Securities Business Regulations (SBRs) and the Authorised Persons Regulations (APRs). The ‘new APRs’ are now known as the ‘Capital Market Institutions Regulations’ (CMIRs), following the terminology change from ‘Authorised Persons’ (APs) to ‘Capital Market Institutions’ (CMIs). These amendments represent the first comprehensive revision…

In brief The United Arab Emirates (UAE) recently issued Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary (the Resolution), which came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year. The Resolution aims to introduce the requirement for a beneficial ownership register in the UAE mainland and unify the minimum disclosure requirements for corporate entities incorporated in the…